Common use of Lapse of Creditworthiness Clause in Contracts

Lapse of Creditworthiness. Should the Supplier’s creditworthiness lapse, or should the Supplier’s established alternative arrangements terminate or become unsatisfactory, the Company shall provide written notice thereof to the Supplier and, not sooner than ten (10) days thereafter, may continue to perform its obligations hereunder or elect to terminate this Agreement, subject to the Supplier’s right to dispute the Company’s determination before the Board, as set forth below. The Company may condition its continued performance hereunder on the establishment of new alternative arrangements, satisfactory to the Company. The Supplier shall have the right to submit to the Board for resolution any dispute regarding the Company’s requirements if the Supplier believes such a requirement is inappropriately based or assessed. Submission of such dispute to the Board shall extend the aforementioned ten (10) day period for notice of termination, for a period of up to thirty (30) additional days, such that the Company shall have the right to terminate this Agreement upon written notice to the Supplier if the Board does not issue a final order resolving the dispute within thirty (30) days of the date that the Supplier first submits the dispute to the Board.